Just 25 of the 144 foreign and Indian players who had thrown their hat in the ring found favour with the franchises in the auction, which was restricted to players not already aligned to any team.

Among the chief gainers were Sri Lankan captain Mahela Jayawardene, bought by Delhi Daredevils for $1.4 million, and Indian seamer Vinay Kumar, who fetched $1.0 million from Royal Challengers Bangalore.

New Zealand wicket-keeper Brendon McCullum went to Kolkata Knight Riders for $900,000, while 41-year-old Australian spinner Brad Hogg was picked up by Rajasthan Royals for $180,000.

Former Pakistan international Azhar Mahmood, who now holds a British passport, will play for Kings XI Punjab for $200,000.

A bigger surprise, however, was the list of players who missed out.

There were no takers for England's James Anderson, Graeme Swann, Ian Bell, Matt Prior and Ravi Bopara, despite their team being the number one Test side and also the reigning world Twenty20 champions.

Veteran Indian batsman Venkatsai Laxman, struggling to retain his place in the Indian Test team, was also unsold. Even in-form Australian fast bowler Peter Siddle was ignored.

Jadeja, Jayawardene, Kumar and McCullum belonged to the now-defunct Kochi Tuskers franchise, which played in last year's tournament before it was thrown out of the IPL in September for non-payment of dues.

The franchises used the auction to fill their quota of 11 foreign stars in the 33-man squads allowed for each club ahead of the fifth edition of the IPL which will be played between April 4 and May 27.

Much depended on the availability of the players for the seven-week 76-match tournament.

England's international players will not be available for more than a month, since their tour of Sri Lanka ends on April 7 and is followed by a home series against the West Indies starting in mid-May.

The leading Australians can join the IPL only after their tour of the West Indies finishes on April 27.

The auction was held in the shadow of the withdrawal of the Sahara group, sponsors of Team India and owners of the Pune Warriors franchise, from their association with Indian cricket earlier on Saturday.

Sahara, which cited a "one-sided emotional relationship" with the Board of Control for Cricket in India (BCCI) for their decision, did not take part in the auction.

It remained to be seen if Pune's withdrawal will leave eight teams in the fray for this year's tournament.

"It's unfortunate," said IPL chairman Rajiv Shukla of Sahara's decision, but insisted the tournament will go ahead as scheduled.

"They haven't sent us anything in writing. So I can't comment right now. But the IPL will continue. The show always goes on."